Insider Selling: Ascent Industries (NASDAQ:ACNT) Director Sells 40,000 Shares of Stock

Key Points

• Director Christopher Gerald Hutter recently sold 40,000 shares of Ascent Industries stock at an average price of $12.11, totaling approximately $484,400, which represents an 11.16% decrease in his ownership.
• Ascent Industries reported a loss of ($0.08) earnings per share for its latest quarter, significantly missing the consensus estimate of $0.27, with revenues of only $18.65 million compared to expectations of $56.90 million.
• Institutional investors own 26.05% of Ascent Industries stock, with several large retirement systems and funds acquiring new positions during the second quarter.

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) Director Christopher Gerald Hutter sold 40,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $12.11, for a total transaction of $484,400.00. Following the completion of the transaction, the director owned 318,320 shares in the company, valued at approximately $3,854,855.20. This trade represents a 11.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Christopher Gerald Hutter also recently made the following trade(s):

• On Thursday, August 28th, Christopher Gerald Hutter sold 2,100 shares of Ascent Industries stock. The stock was sold at an average price of $12.07, for a total transaction of $25,347.00.
• On Monday, August 25th, Christopher Gerald Hutter sold 40,000 shares of Ascent Industries stock. The stock was sold at an average price of $12.12, for a total value of $484,800.00.
• On Tuesday, August 19th, Christopher Gerald Hutter sold 470 shares of Ascent Industries stock. The stock was sold at an average price of $12.26, for a total transaction of $5,762.20.
• On Friday, August 15th, Christopher Gerald Hutter sold 169 shares of Ascent Industries stock. The stock was sold at an average price of $12.55, for a total transaction of $2,120.95.
• On Thursday, August 14th, Christopher Gerald Hutter sold 20,000 shares of Ascent Industries stock. The shares were sold at an average price of $12.51, for a total transaction of $250,200.00.
• On Wednesday, June 11th, Christopher Gerald Hutter sold 8,300 shares of Ascent Industries stock. The shares were sold at an average price of $13.45, for a total transaction of $111,635.00.
• On Tuesday, June 10th, Christopher Gerald Hutter sold 4,740 shares of Ascent Industries stock. The stock was sold at an average price of $13.58, for a total transaction of $64,369.20.

Ascent Industries Trading Up 2.3%

NASDAQ ACNT traded up $0.28 on Friday, hitting $12.22. The company's stock had a trading volume of 31,533 shares, compared to its average volume of 48,869. The company has a current ratio of 6.64, a quick ratio of 6.13 and a debt-to-equity ratio of 0.01. Ascent Industries Co. has a 52-week low of $8.16 and a 52-week high of $13.70. The firm has a market cap of $114.48 million, a P/E ratio of -42.14 and a beta of 0.63. The company's 50-day simple moving average is $12.65 and its 200 day simple moving average is $12.50.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.35). Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%.The company had revenue of $18.65 million during the quarter, compared to the consensus estimate of $56.90 million.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Ascent Industries from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd.

Hedge Funds Weigh In On Ascent Industries

Several institutional investors have recently bought and sold shares of ACNT. Millennium Management LLC purchased a new position in shares of Ascent Industries during the fourth quarter valued at about $208,000. Northern Trust Corp lifted its holdings in shares of Ascent Industries by 47.7% in the 4th quarter. Northern Trust Corp now owns 35,384 shares of the company's stock valued at $396,000 after acquiring an additional 11,420 shares during the last quarter. AMH Equity Ltd increased its stake in Ascent Industries by 99.1% during the first quarter. AMH Equity Ltd now owns 119,430 shares of the company's stock worth $1,512,000 after acquiring an additional 59,430 shares during the last quarter. Geode Capital Management LLC raised its position in Ascent Industries by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company's stock valued at $1,044,000 after purchasing an additional 1,869 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Ascent Industries by 37.4% during the 4th quarter. Renaissance Technologies LLC now owns 153,500 shares of the company's stock valued at $1,716,000 after buying an additional 41,809 shares during the period. 26.05% of the stock is owned by hedge funds and other institutional investors.

About Ascent Industries

Ascent Industries Co an industrials company, produces and distributes stainless steel pipe and tube and specialty chemicals in the United States and internationally. The company operates through two segments, Tubular Products and Specialty Chemicals. It manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and ornamental stainless steel tubes for automotive, commercial transportation, marine, food services, construction, furniture, healthcare, and other industries.